New York’s fintech startup Finch has raised US$ 1.8M in its seed funding round on 15 September 2020 to launch its platform.
The seed funding round was led by Boston based Mendoza Ventures. Other participants in the round include Barclays, Techstars Investors and Draper Frontier.
The funding will be used to launch the platform and help people transform how they save and manage their money.
About Finch
Founded in 2019 by Neel Ganu, Finch is a seamless, all-in-one account that provides the benefits of investing with the flexibility of checking. It allows customers to earn investment return by investing their checking balance into portfolios that match their unique risk profile. Customers can also get instant access to the money whenever they need it.
Neel Ganu is a financial services expert and was N26’s (German mobile bank) first US employee. Finch was also a Top Pick at TechCrunch Disrupt 2019. It was also a participant in Barclays Accelerator. Finch aims to empower people to make their money work for them. They are doing this by developing a new type of checking account that allows for the benefits of investing to be accessible by all.
“I always felt I could have done more with my money – but didn’t and ended up holding my balance in cash. Having discovered that in the US, a staggering three in five Millennials currently do not invest at all, I realized I was not alone. Compounding this with the growing financial debt among Millennials today, with 62% living paycheck to paycheck, opened my eyes to how significant the issue is,” said Neel Ganu.
About Mendoza Ventures
Mendoza Ventures is a Boston based Venture Capital Firm that specializes in Fintech, AI, and Cybersecurity. They are committed to growing founders and their teams to create a culture of excellence for startups and investors both.
“The Finch team is not only disrupting the checking account to become truly customer-centric; they are transforming the fintech industry as the first player in the market that is enabling instant liquidity on investments. No doubt a game-changer,” said Senofer Mendoza, General Partner of Mendoza Ventures.
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